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The 2025 Federal Budget has profound implications for the direction for Canada’s economy and society at a time of heightened global uncertainty, fiscal constraint, and new national missions related to defence, housing, innovation, and productivity. These shifts will impact the higher education sector both directly and indirectly. Given the role of Canada’s universities in research, talent development, and innovation capacity, what are the implications of the budget for their role. This session will examine the following issues: 1. The overall contours and priorities of the 2025 Federal Budget. 2. Key shifts in spending priorities and how these reflect new government missions. 3. The implications for Canadian universities in areas such as research funding, student recruitment and support, partnerships, and innovation policy. This event is hosted by the Innovation Policy Lab (IPL), Munk School of Global Affairs & Public Policy, Institute for Collaborative Innovation (ICI) and Global Advantage Consulting (GA).